This post includes affiliate links. If you purchase anything through these affiliated links, 247wallst.com may earn a commission.
As of 8 a.m. ET, indexes are slightly in the green in premarket trading.
- Nasdaq Futures: Up .14%
- S&P 500 Futures : Up .06%
- Dow Jones Futures : Up .03%
Yet, with earnings season continuing and the fallout from ASML 's (Nasdaq: ASML) earnings impacting tech stocks, there's a good chance today could see more movement once trading begins at 9:30 a.m. ET. Let's look at a few of today's top stories.
Earnings On Wednesday Morning
Major earnings before market open today include:
- Prologis
- Abbott Laboratories
- Morgan Stanley
ASML was also supposed to report earnings today, but accidentally issued them yesterday (more on that in a bit). JPMorgan (NYSE: JPM) topped estimates this morning with profits rising 32% from last year. Both profit and sales numbers came in significantly ahead of Wall Street estimates.
Yet, so far, Wall Street's reactions to JPMorgan's earnings have been muted. Its stock is up just .50% in premarket trading. It could be a very positive earnings season for the banking industry as Bank of America (NYSE: BAC) also topped estimates on Tuesday.
ASML Continues to Fall
ASML - which is headquartered in the Netherlands - continues to fall in European trading today. Its Nasdaq-listed shares are down 3.48% in premarket trading.
The company manufactures the most advanced components in creating semiconductors. So, its results initially led to a broad sell-off across semiconductor stocks as a supplier of ASML's importance could point to weakness in important growth market like AI. Yet, ASML's CEO was quick to note on their earnings call that AI growth isn't the problem that led the company to issue weaker guidance for next year. He said:
"Very clearly, the strong performance of AI clearly continues and I think it continues to come with quite some upside, but … in other market segments, it takes longer to recover. Recovery is there, but it's more gradual than what we anticipated before and it will continue in 2025."
The majority of ASML's business comes from chip markets unrelated to the growth of AI. In addition, the company is in the crosshairs of geopolitical tensions as sales of its most advanced systems have been restricted to China.
Other semiconductor stocks like NVIDIA (Nasdaq: NVDA) and Taiwan Semiconductor (NYSE: TSM) are up in premarket trading. This illustrates that ASML's results don't appear to be a 'contagion' spreading across companies boosted by spending on AI. It is likely ASML's results will lead to another decline in its share price today, but won't be the catalyst for driving the entire Nasdaq Composite down for a second day in a row.
Smart Investors Are Quietly Loading Up on These “Dividend Legends”
If you want your portfolio to pay you cash like clockwork, it’s time to stop blindly following conventional wisdom like relying on Dividend Aristocrats. There’s a better option , and we want to show you. We’re offering a brand-new report on 2 stocks we believe offer the rare combination of a high dividend yield and significant stock appreciation upside. If you’re tired of feeling one step behind in this market, this free report is a must-read for you.
Click here to download your FREE copy of “2 Dividend Legends to Hold Forever” and start improving your portfolio today.
Local News
Comments / 0